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Changes come to federal college financial aid program
The following information will help families navigate the financial aid process for the 2017-2018 academic year.
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Two significant changes to the FAFSA this year, the federal application for college financial aid.
The form is available at fafsa.gov.
From now on, the FAFSA will ask for older income and tax information that you will already have.
Since chances are likely that your 2015 taxes are already filed, you may be able to use the IRS Data Retrieval Tool (IRS DRT) to automatically import your tax information into your FAFSA. “Getting information about grants, federal student loans and work-study opportunities will help students and parents make an earlier, more informed assessment about what they can afford”. Beginning with the 2017-18 school year, however, students will submit tax information for the tax year that is two years prior.
The earlier submission date is a permanent change, allowing students and their families more time to understand their financial aid eligibility options earlier in the college application and decision process.
The earlier availability of the FAFSA and PROFILE, along with the use of two-year-old tax returns, is created to make filing for financial aid easier, less stressful and reduce errors.
Speakers for the event will be Cheryl Keim and Sarah Storms of the Montgomery County Community Foundation, Becca Moore of DePauw University Admissions Office, Steve Bush from Ivy Tech Community College of Crawfordsville, Shelle Norman, a Southmont High School English teacher and Leo Hertling from the Purdue University Financial Aid Office. Thankfully, this reform does not significantly compromise a university’s ability to make informed, need-based decisions, a crucial point to accommodate rising tuition and flatlined federal funding. For the first time ever, FAFSA filers will be completing their applications using two-year-old tax returns.
Similarly, if an individual filed their 2015 taxes as married but are now no longer married when completing the FAFSA, they will need to subtract their spouse’s income.
Students in the William S. Hart Union District will be given information and direction from colleges and career programs across the nation this week. Even before being accepted into any college, it is important to add it to the list. You can always remove schools later if you decide not to apply (but you don’t have to).
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We expect that most state and school deadlines will remain approximately the same as in 2016-17. Some schools offer aid on a first-come, first-served basis and the funds may be depleted at some schools if families wait until next year. Many private schools including NYU have yet to adopt the FAFSA, or another free alternative, in lieu of the CSS.